Contact Information

Saundra Price
License: WA#: 106415 OR#: 201216252

Northwest Park Brokerage

CONTACT BROKER

Price: $2,600,000
Purchase Method: Cash, New Loan
Cap Rate: 9.1%
Listing ID: 4260362
Posted On: Jan 9, 2024
Updated On: Jan 31, 2024

Description

Timberline Mobile Home Community is a 74 Space all ages park that features a park like serene setting. Located near the entrance of the North Cascades National Park, Concrete is a beautiful town just 25 miles from Burlington and Interstate 5. (Skagit County)

Amenities include 2 restroom facilities that are equipped with separate showers for men’s and women’s, a clubhouse rec room (kitchenette and game area) as well as secure RV/Boat storage.

This property was built in the late 1970’s and includes 35 Manufactured home sites and 39 monthly RV Sites. Private utilities consist of upgraded Well water system and On-site septic system (summary attached).

Park rents are under market at $450 for RV’s (Tenants are sub metered monthly for electric) and $470 for mobile homes, compared to market rent for the area from $650 range plus utilities. There are currently 2 vacant mobile home spaces and 15 RV Sites open due to winter season. There was a $30 Increase served that went into effect December 1st, 2023.

Location

Access to the property is off primary I-5 to Highway 20 approximately 1.5-hour drive from Seattle (90 miles from Seattle, 50 miles from Bellingham). Skagit County's economy is booming and is regarded as one of the fastest growing areas in the state. Agriculture, fishing, wood products, tourism, international trade, and specialized manufacturing make up the economy of Skagit Valley.